UPDATE 3-Celgene 2nd-quarter profit jumps on Revlimid sales

(Adds company, analyst comment, share price)

By Bill Berkrot

NEW YORK, July 24 (Reuters) - Celgene Corp (CELG.O: Quote, Profile, Research) reported better-than-expected second-quarter profit that more than doubled on soaring sales of its Revlimid blood cancer drug, and it raised its 2008 earnings forecast, sending its shares 2 percent higher.

Sales of Revlimid, used to treat multiple myeloma, surged 80 percent for the quarter to $325.8 million, topping Wall Street estimates of $313 million.

The biotechnology company posted net profit of $119.8 million, or 26 cents per share, compared with a profit of $54.9 million, or 13 cents per share, a year earlier.

Excluding items, Celgene earned 37 cents per share, topping analysts average expectations by 2 cents, according to Reuters Estimates.

Ian Somaiya, an analyst for Thomas Weisel Partners, said the fear going into the quarter was potential Revlimid market share erosion after Takeda Pharmaceutical Co's (4502.T: Quote, Profile, Research) Velcade won U.S. approval as an initial multiple myeloma treatment rather than once a previous treatment has failed.

"What the numbers imply is Velcade is not having a material impact," Somaiya said.

The Summit, New Jersey-based company boosted its full-year earnings forecast to $1.50 per share from its prior view of $1.45. It now expects revenue of about $2.2 billion, up from a previous forecast of $2.1 billion.